Frequently Asked Questions
What is a title pawn?
A title pawn is a type of secured lending contract that allows borrowers to use their clear vehicle title as collateral. Our title pawn customers agree to temporarily surrender the hard copy of their vehicle title to us. Oconee Lending then places a lien on the title in exchange for the pawn amount. The lien is removed when the pawn is paid in full, and the title returns to the owner.
What is a "clear" title?
A "clear" title is one in which the owner owns the vehicle outright and without any liens. If you have a "clear" title your vehicle is paid off, so there is no question that you are the owner.
What is a lien?
A lien on your vehicle implies that the title of the vehicle is held by Oconee Lending until the amount of the pawn including interest is completely paid off. Liens are essentially proof that you are going to take responsibility and pay as agreed. When you pay off your pawn, we release the lien and return your title.
Who uses title pawns?
Oconee Lending title pawns offer an affordable finace option for our customers who simply do not have the credit needed to be approved for traditional financing, who do not wish to utilize their available credit, or who simply want to save with short term financing that has no hidden fees or closing costs. A title pawn can help when household funds run out before the month ends or when small businesses need to fund short-term cash flow shortfalls quickly. Sometimes individuals use title pawns to pay for unexpected vehicle repairs. People from all walks and stages of life use title pawns for various financial reasons.
Are title pawns difficult to obtain?
No, title pawns have just a few basic requirements and can usually be completed in about 30 minutes. Each pawn is a 30-day contract which can be paid off at any time.
What documents will I need to provide?
- Clear Title to Your Vehicle
Driver's License with Your Current Address
Proof of Residence, Income, and Insurance
A Spare Key
Aren't title pawns expensive?
Honestly, they can be.That's why if you live in an area that Oconee Lending serves you should not do business with anyone else. We offer some of the lowest interest rates in our industry. If you find a lower published rate, we will work hard to beat it!
One way that we help customers save money is by teaching them how to best use a title pawn to their advantage. We thoroughly explain payback options and can set up voluntary payback schedules that fit almost any budget.
How much money can I get?
We appraise your vehicle and then make you an offer based on the assessed value. Oconee Lending does not require that you borrow the maximum amount available, as many title pawn companies do. In fact, we encourage you to only take out a pawn for what you need right now. Your remaining equity will remain available to you should you ever need it. We have made pawns for as little as $100 and up to $20,000. It just depends on the value of your vehicle and your needs at the present time.
Is Oconee Lending really any different than other title pawn companies?
Yes! Ask around. Our primary focus is on customer service. We appreciate your business and it shows! We never just focus on making a title pawn to hit some quotas set in a big corporate office in another town. Oconee Lending's motto is "Lending Our Community a Helping Hand". It is our aim to make friends while we are making title pawns. We want you to get the money you need now, to easily get your title back, and to come back to see us when you need money in the future.